Maintain BUY with a TP of Rs 320 based on 16x Sep-20 EPS. Zensar delivered decent revenue growth but margin performance was subdued. Revenue came in at USD 138.1mn (+2.3% QoQ, +4.1% CC) lower than our estimate of USD 140.7mn due to client issues in Retail (-8.7% CC). Growth was led by sustained recovery in Cloud and Infrastructure Services (CIS) business (+4.0% QoQ, 15% of rev) and Indigo Slate integration (USD 4mn).